PGX vs. PGF
PGX (Invesco Preferred ETF) and PGF (Invesco Financial Preferred ETF) are both Preferred Stock/Convertible Bonds funds from Invesco - PGX tracks the BofA Merrill Lynch Core Fixed Rate Preferred Securities Index while PGF tracks the Wachovia Hybrid & Preferred Securities Financial Index. Both are passively managed. Over the past 10 years, PGX returned 2.34%/yr vs 2.30%/yr for PGF. Their correlation of 0.81 suggests significant overlap in exposure. PGX charges 0.52%/yr vs 0.62%/yr for PGF.
Performance
PGX vs. PGF - Performance Comparison
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Returns By Period
In the year-to-date period, PGX achieves a -0.55% return, which is significantly lower than PGF's -0.33% return. Both investments have delivered pretty close results over the past 10 years, with PGX having a 2.34% annualized return and PGF not far behind at 2.30%.
PGX
- 1D
- -0.83%
- 1M
- -0.47%
- YTD
- -0.55%
- 6M
- -0.64%
- 1Y
- 4.48%
- 3Y*
- 5.14%
- 5Y*
- -1.00%
- 10Y*
- 2.34%
PGF
- 1D
- -0.78%
- 1M
- -0.02%
- YTD
- -0.33%
- 6M
- -0.47%
- 1Y
- 3.72%
- 3Y*
- 4.91%
- 5Y*
- -0.98%
- 10Y*
- 2.30%
PGX vs. PGF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGX Invesco Preferred ETF | -0.55% | 3.48% | 6.53% | 9.48% | -21.16% | 3.15% | 7.09% | 17.09% | -4.01% | 10.48% |
PGF Invesco Financial Preferred ETF | -0.33% | 3.40% | 6.01% | 7.73% | -19.22% | 2.65% | 7.23% | 14.55% | -2.82% | 10.82% |
Correlation
The correlation between PGX and PGF is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2008 | 0.81 |
The correlation between PGX and PGF shifts across timeframes, from 0.81 (all time) to 0.92 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PGX vs. PGF — Risk / Return Rank
PGX
PGF
PGX vs. PGF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred ETF (PGX) and Invesco Financial Preferred ETF (PGF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PGX | PGF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.10 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 0.80 | +0.11 |
| Martin ratioReturn relative to average drawdown | 1.90 | 1.59 | +0.30 |
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Drawdowns
PGX vs. PGF - Drawdown Comparison
The maximum PGX drawdown since its inception was -66.44%, smaller than the maximum PGF drawdown of -75.69%. Use the drawdown chart below to compare losses from any high point for PGX and PGF.
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Drawdown Indicators
| PGX | PGF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.44% | -75.69% | +9.25% |
Max Drawdown (1Y)Largest decline over 1 year | -4.98% | -4.69% | -0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -11.17% | -10.87% | -0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -24.67% | -23.41% | -1.26% |
Max Drawdown (10Y)Largest decline over 10 years | -34.10% | -28.92% | -5.18% |
Current DrawdownCurrent decline from peak | -5.65% | -5.39% | -0.26% |
Average DrawdownAverage peak-to-trough decline | -8.12% | -7.00% | -1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.37% | 2.34% | +0.03% |
Volatility
PGX vs. PGF - Volatility Comparison
Invesco Preferred ETF (PGX) has a higher volatility of 1.57% compared to Invesco Financial Preferred ETF (PGF) at 1.48%. This indicates that PGX's price experiences larger fluctuations and is considered to be riskier than PGF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGX | PGF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.57% | 1.48% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 4.21% | 4.14% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.20% | 6.30% | -0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.12% | 11.38% | -0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.03% | 12.01% | +1.02% |
PGX vs. PGF - Expense Ratio Comparison
PGX has a 0.52% expense ratio, which is lower than PGF's 0.62% expense ratio.
Dividends
PGX vs. PGF - Dividend Comparison
PGX's dividend yield for the trailing twelve months is around 6.73%, less than PGF's 6.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGF Invesco Financial Preferred ETF | 6.91% | 6.30% | 6.24% | 6.15% | 5.95% | 4.68% | 4.91% | 5.14% | 5.73% | 5.32% | 5.92% | 5.68% |
PGX Invesco Preferred ETF | 6.73% | 6.03% | 5.95% | 6.42% | 6.29% | 4.82% | 4.89% | 4.85% | 6.09% | 5.66% | 6.02% | 5.84% |
Frequently Asked Questions
PGX and PGF have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGX has higher volatility (1.57%) compared to PGF (1.48%). In terms of maximum drawdown, PGX dropped -66.44% vs PGF's -75.69%.
On 10-year performance, PGX leads with 2.34% vs 2.30% for PGF. On fees, PGX is cheaper at 0.52% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PGX has performed better with a 2.34% return vs 2.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PGX is cheaper with a 0.52% expense ratio, compared with 0.62% for PGF.
PGF has the higher dividend yield at 6.91%, compared with 6.73% for PGX.
PGX tracks BofA Merrill Lynch Core Fixed Rate Preferred Securities Index, while PGF tracks Wachovia Hybrid & Preferred Securities Financial Index. Their fees differ too: 0.52% for PGX and 0.62% for PGF.
PGX currently has the higher Sharpe Ratio (0.73 vs 0.59), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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